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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments
Our outstanding derivative instruments as of June 30, 2012 are summarized below: 
 
Oil derivatives
 
Swaps
 
Three-way collars
 
Volume
MBbls
 
Weighted average fixed price per Bbl
 
Volume
MBbls
 
Weighted average fixed price per Bbl
 
 
Sold puts
 
Purchased puts
 
Sold calls
2012
1,003

 
$
94.37

 
1,060

 
$
73.87

 
$
96.30

 
$
108.78

2013
540

 
102.45

 
3,410

 
78.14

 
100.32

 
115.29

2014
—

 
—

 
120

 
85.00

 
100.00

 
116.65

 
1,543

 
 
 
4,590

 
 
 
 
 
 
 
 
Natural gas swaps
 
Natural gas basis
protection swaps
 
Volume
BBtu
 
Weighted average
fixed price per Btu
 
Volume
BBtu
 
Weighted average
fixed price per Btu
2012
8,400

 
$
4.52

 
9,000

 
$
0.23

2013
12,000

 
4.52

 
16,400

 
0.20

2014
4,800

 
3.84

 
14,090

 
0.23

 
25,200

 
 
 
39,490

 
 
Derivative instruments recorded on the balance sheet at fair value
The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values. 
 
As of June 30, 2012
 
As of December 31, 2011
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas swaps
$
24,742

 
$
(1,285
)
 
$
23,457

 
$
30,124

 
$
—

 
$
30,124

Oil swaps
15,471

 
—

 
15,471

 
3,832

 
(9,744
)
 
(5,912
)
Oil collars
39,623

 
—

 
39,623

 
6,296

 
(1,247
)
 
5,049

Natural gas basis differential swaps
8

 
(2,105
)
 
(2,097
)
 
—

 
(1,268
)
 
(1,268
)
Total derivative instruments
79,844

 
(3,390
)
 
76,454

 
40,252

 
(12,259
)
 
27,993

Less:
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
3,125

 
(3,125
)
 
—

 
10,627

 
(10,627
)
 
—

Current portion asset (liability)
55,748

 
—

 
55,748

 
12,840

 
(1,505
)
 
11,335

 
$
20,971

 
$
(265
)
 
$
20,706

 
$
16,785

 
$
(127
)
 
$
16,658

___________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty.
Derivative settlements outstanding
Derivative settlements outstanding at June 30, 2012 and December 31, 2011 were as follows: 
 
June 30,
2012
 
December 31,
2011
Derivative settlements receivable included in accounts receivable
$
8,208

 
$
449

Derivative settlements payable included in accounts payable and accrued liabilities
$
—

 
$
5,042
Non-hedge derivative gains (losses) in the consolidated statements of operations
Gain (loss) from oil hedging activities, which is a component of total revenues in the consolidated statements of operations, consists of the reclassification of hedge gains (losses) on discontinued oil hedges into net income.

Non-hedge derivative gains (losses) in the consolidated statements of operations are comprised of the following: 
 
 
Three months ended
 
Six months ended
 
 
June 30,
 
June 30,
 
 
2012
 
2011
 
2012
 
2011
Change in fair value of commodity price swaps
 
$
18,701

 
$
55,176

 
$
14,716

 
$
5,008

Change in fair value of collars
 
43,682

 
5,934

 
34,574

 
(671
)
Change in fair value of natural gas basis differential contracts
 
(1,202
)
 
798

 
(829
)
 
1,939

Receipts from (payments on) settlement of commodity price swaps
 
9,275

 
(13,060
)
 
11,976

 
(16,342
)
Receipts from settlement of collars
 
2,599

 
156

 
2,632

 
490

Payments on settlement of natural gas basis differential contracts
 
(527
)
 
(1,708
)
 
(1,004
)
 
(4,054
)
 
 
$
72,528

 
$
47,296

 
$
62,065

 
$
(13,630
)